BRIEF-AC Energy Says Approved Transitioning Co’s Generation Portfolio To 100% Renewable Energy By 2025

Oct 19 (Reuters) – AC Energy Corp ACEN.PS:

• BOARD APPROVED CO’S COMMITMENT TO ACHIEVE NET ZERO BY 2050

• BOARD APPROVED TRANSITIONING CO’S GENERATION PORTFOLIO TO 100% RENEWABLE ENERGY BY 2025

• APPROVED CO’S COMMITMENT TO SPIN-OFF ALL ITS THERMAL ASSETS BY 2025

• APPROVED AUTHORITY OF MANAGEMENT TO WORK TOWARDS EARLY RETIREMENT OF SOUTH LUZON THERMAL ENERGY CORP BY 2040

• APPROVED ISSUANCE OF UP TO 942 MILLION COMMON SHARES AT 11.32 PESOS/SHARE

• APPROVED ACQUISITION OF INTEREST IN UPC-AC RENEWABLES AUSTRALIA FOR UP TO US$243.3 MILLION

• ISSUANCE OF UP TO 942 MILLION COMMON SHARES TO OWNERS, AFFILIATES, AND PARTNERS OF UPCAPH, AMONG OTHER PARTIES

• APPROVED A JV WITH CLEANTECH GLOBAL RENEWABLES FOR 200MWDC LAL-LO SOLAR POWER PROJECT IN CAGAYAN

• APPROVED ACQUISITION OF 32.2% STAKE OF MINORITY STOCKHOLDERS OF NORTHWIND POWER DEVELOPMENT CORP FOR UP TO 1.093 BILLION PESOS

Source text for Eikon: ID:nPSX9MSlmH

Further company coverage: ACEN.PS

(Reuters.Briefs@thomsonreuters.com)